EXHIBIT 12.1
JPMORGAN CHASE & CO.
Computation of Ratio of Earnings to Fixed Charges
Three months ended March 31, (in millions, except ratios) | 2007 | |||
Excluding Interest on Deposits | ||||
Income from continuing operations before income taxes | $ | 7,332 | ||
Fixed charges: | ||||
Interest expense | 5,523 | |||
One-third of rents, net of income from subleases(a) | 99 | |||
Total fixed charges | 5,622 | |||
Less: Equity in undistributed income of affiliates | (33 | ) | ||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest | $ | 12,921 | ||
Fixed charges, as above | $ | 5,622 | ||
Ratio of earnings to fixed charges | 2.30 | |||
Including Interest on Deposits | ||||
Fixed charges, as above | $ | 5,622 | ||
Add: Interest on deposits | 4,995 | |||
Total fixed charges and interest on deposits | $ | 10,617 | ||
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above | $ | 12,921 | ||
Add: Interest on deposits | 4,995 | |||
Total income from continuing operations before income taxes, fixed charges and interest on deposits | $ | 17,916 | ||
Ratio of earnings to fixed charges | 1.69 | |||
(a) | The proportion deemed representative of the interest factor. |